Sibanye Stillwater : Notice of Annual General Meeting and Summarised Financials 2023

NOTICE OF ANNUAL GENERAL MEETING AND SUMMARISED FINANCIALS

OUR 2023 REPORTS

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These reports cover the financial year from 1 January to 31 December 2023*

About our cover designs:

Our strategic differentiator Inclusive, diverse and bionic, is depicted on the cover as a fingerprint, with small markings that signify computer code. As technology becomes ever more capable and powerful, the fear exists of the possible loss of human individuality, the loss of our independent spirit. The design reminds us what this strategic differentiator points to, the potential for humanity to be enhanced through using technology ("bionic"), and the potential for uniqueness and diverse individual identity to find its expression in service to our vision and purpose. We value the contributions of our employees (each having left their unique "fingerprint" on our business) and we honour their commitment to our values, which ripples out, amplifying the Group's capacity to innovate and evolve.

SUPPORTING FACT SHEETS AND SUPPLEMENTARY INFORMATION AVAILABLE ONLINE

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• Group Impact supplement 2023
• Progressing the UN's SDGs
• Environmental incidents in 2023
• Biodiversity management
• Social and labour plans (SLPs): Summary of projects
• Climate change supplement
• Sustainability content index
• Tailings management
• Care for iMali: Taking care of personal finance
• Combating illegal mining
• Sibanye-Stillwater'sICMM self-assessment for 2023
• The Good Neighbor Agreement
• Definitions for sustainability/ESG indicators
• Application of King IV Principles in 2023
• ESG scorecard for the long term incentive (LTI) awards

• This report encompasses data pertaining to the financial year ended on 31 December 2023. As necessary or where pertinent, certain information has been incorporated subsequent to year-end

STATEMENT OF RESPONSIBILITY BY THE BOARD OF DIRECTORS

The directors are responsible for the preparation and fair presentation of the consolidated Annual financial statements of Sibanye-Stillwater, comprising the consolidated statement of financial position as at 31 December 2023, consolidated income statement and consolidated statements of other comprehensive income, changes in equity and cash flows for the year then ended, and the notes to the consolidated financial statements, which include a summary of significant accounting policies, and other explanatory notes. The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards Accounting Standards (IFRS Accounting Standards), as issued by the International Accounting Standards Board (IASB), the South African Institute of Chartered Accountants Financial Reporting Guides issued by the Accounting Practices Committee and Financial Reporting Pronouncements issued by the Financial Reporting Standards Council, as well as the requirements of the South African Companies Act, 71 of 2008 (the Companies Act) and the JSE Listings Requirements.

In addition, the directors are responsible for preparing the directors' report.

The directors consider that, in preparing the consolidated financial statements, they have used the most appropriate accounting policies, consistently applied and supported by reasonable and prudent judgements and estimates, and that all IFRS Accounting Standards that they consider to be applicable have been complied with for the financial year ended 31 December 2023. The directors are satisfied that the information contained in the consolidated financial statements fairly presents the results of operations for the year and the financial position of the Group at year end. The directors are responsible for the information included in the Annual financial report, and are responsible for both its accuracy and its consistency with the consolidated Annual financial statements.

The directors have responsibility for ensuring that accounting records are kept. The accounting records should disclose with reasonable accuracy the financial position of the Group to enable the directors to ensure that the consolidated Annual financial statements comply with the relevant legislation.

The Group operates in a well-established control environment, which is well-documented and regularly reviewed. This incorporates risk management and internal control procedures, which are designed to provide reasonable assurance that assets are safeguarded and that the material risks facing the business are being controlled.

The directors have made an assessment of the ability of the Company and its subsidiaries to continue as going concerns and based on this assessment concluded that the basis for preparation of the consolidated Annual financial statements is appropriate to that of a going concern.

The consolidated Annual financial statements were approved on 26 April 2024 by the Board of Directors and are signed on its behalf by:

OUR BUSINESS AND LEADERSHIP

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Sibanye-Stillwater is a multinational mining and metals processing group with a diverse portfolio of operations, projects and investments across five continents. The Group is also one of the foremost global recyclers of PGM autocatalysts and has interests in leading mine tailings retreatment operations.

Sibanye-Stillwater is one of the world's largest primary producers of platinum, palladium, and rhodium and is a top tier gold producer. It also produces and refines iridium and ruthenium, nickel, chrome, copper and cobalt. The Group has recently begun to diversify its asset portfolio into battery metals mining and processing and increase its presence in the circular economy by growing its recycling and tailings reprocessing exposure globally. For more information, see www.sibanyestillwater.com.

MINERAL RESERVES AND RESOURCES

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Global footprint with extensive precious metals Mineral Reserves of 65.3 million ounces (Moz) that support long life of mines (which is 17.1% of our Mineral Resources, 382.5Moz). 55.1% increase in attributable lithium Mineral Resources.

702kt of lithium carbonate equivalent (LCE) (Keliber lithium and Rhyolite Ridge projects).

ESG SALIENT FEATURES

OUR ESG CREDENTIALS

ESG-related indices (not limited to these) in which we are currently included:

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1 See the Consolidated Income statement in the Group Annual Financial Report for the year ended 31 December 2023

• The FTSE Russell green revenue factor is defined by FTSE Russell as the percentage of revenue that is derived from products that have a positive environmental utility which help prevent, restore and/or adapt to issues deriving from climate change, natural resource limitations and environmental degradation. This measure enables precise identification of green products and services across the entire value chain and helps investors assess revenue exposure to green activities within the Group. Based on the criteria developed by FTSE Russel, Sibanye-Stillwater utilised revenue from the following operations in determining its FTSE Russell green revenue factor: SA gold (limited to the Cooke operation); SA PGMs (excluding Mimosa); and US PGMs (including recycling). The FTSE Russell green revenue factor is a non-IFRS measure and it should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards

Since its inception in 2013, Sibanye-Stillwater has created value for stakeholders as it has evolved and grown by diversifying its portfolio by commodity and by geography. The Group has transformed from a South African gold mining company into a multinational, diversified mining and metals processing Group with a portfolio of operations, projects and investments across five continents and with a market capitalisation of R61.4 billion (US$3.3 billion). We have returned over R46 billion (US$3 billion) in additional value to investors in the form of dividends and share buybacks, over four times our initial market capitalisation on listing of R10 billion (US$1.2 billion). See Our shared value in numbers on page 290 of the 2023 Integrated report.

• Source: EquityRT, with numbers quoted at the end of each year except for 2013, which represents the market capitalisation on the day of listing
  2 Source: FactSet, Year-to-date, market capitalisation as at 31 March 2024

THE CONTEXT FOR OUR STRATEGY

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In a world with increasing volatility and an accelerating pace of change, we recognise that the future is inherently uncertain with levels of strategic risk elevating. This is the basis of both threats and opportunities for our business. Anticipation through monitoring of early signals combined with agility in positioning of the business using anti-fragilityprinciples enables us to seize advantage through active engagement with critical risks, (see External environment for our business and operations on page 36 of the 2023 Integrated report)

• Decarbonisation is a key concern for governments and businesses across the world. In response, the world's energy mix is moving towards reduced greenhouse gas (GHG) emissions. We expect that current trends toward nuclear power, renewable energy (wind, solar, battery storage), green hydrogen, and the electrification of mobility, will intensify. Our response is to build a Unique portfolio of green metals and energy solutions that reverse climate change, contributing towards the world's critical needs
• Geopolitical developments are changing allegiances and trading patterns across the world, with national elections scheduled to take place in 64 countries in 2024 likely to further impact foreign policies and geopolitics. Security of supply is becoming a stronger priority, for nations and for regional blocs, with the integrity of critical minerals value chains of significant importance. This presents key opportunities for the Group to differentiate its offer, partnering to Build pandemic-resilientecosystems that are invulnerable to geopolitical developments
• Intelligent advances are accelerating, with digital technologies fulfilling an increasing role in every facet of life. Rapid advances in artificial intelligence provide massive transformative opportunities, while also raising a new spectrum of ethical issues.
  This presents opportunities to "rewire" our business to embrace new capabilities and augment human performance through technology taking key business outcomes to a different level. We are committed to our quest to become Inclusive, diverse and bionic as a strategic differentiator
• While divisions are starting to emerge, stakeholder expectations of business are placing continued high levels of scrutiny on ESG and sustainability credentials. We believe that the most successful businesses will be those that earn stakeholder credibility by demonstrating meaningful socioeconomic purpose beyond the delivery of returns to their shareholders. We recognise this as an opportunity to distinguish ourselves in the market by being Recognised as a force for good, and thereby strategically differentiating ourselves by creating superior shared value through our business activities. This underscores our commitment to stakeholder capitalism

We use the term "grey elephants" (see page 35 of the Integrated report for more detail) to refer to highly-probable,high-impact, yet often neglected catalysts of change that are shaping the 2020s; events with global repercussions, such as the COVID-19 pandemic, Russia's invasion of Ukraine, and the conflicts in the Middle East.

While the grey elephants signal disruption and threat to conventional business activity, they also present significant opportunities for organisations that embrace the future, and are bold and agile enough to capture the moment. Early awareness of grey elephants and decisive strategic responses are required to sustain business effectiveness.

We represent our business ethos through the indigenous South African Umdoni tree

our values are the fundamental roots of our organisation, which provide a solid basis for the way we do business

the trunk of the tree (our people) represents the material strength of the company

the leaves on the branches represent all our stakeholders

the tree's seeds and fruits signify the varying benefits

and value that our success will bring to those stakeholders

Our roots, our iCARES values, are at the heart of all that we do, the decisions we make and how we conduct our business. These values are enshrined in our Code of ethics and form the basis of the organisational growth and culture rejuvenation programme currently underway.

iCARES VALUES

We have five strategic imperatives that are instrumental for us to compete on the global stage.

Our four strategic differentiators represent our opportunities to be distinctive in the global minerals industry.

Future trends identified - as illustrated by the grey elephants:

We have been tracking how the grey elephants are shaping the context for our business since our 2020 integrated report. The grey elephants cover seven major global trends that we expect to have a pronounced impact on the fabric of global society and the global economy. Acute disruptive events with global implications, which we have characterised as pandemics, are an important additional component of the grey elephant framework. Such events have a dramatic impact on society and the economy, creating conditions conducive to change and stimulating acceleration in the major global trends represented by the other grey elephants.

The graphic below identifies how the grey elephants have played out in 2023, with a focus on aspects of relevance to our business activities. These developments validate the grey elephants as a compelling framework through which to anticipate the future world in which we will operate and conduct business, assisting us in remaining relevant to future conditions.